Business houses are the basic cells of modern economic life. Their outstanding success in converting the resources of the earth into wealth has shaped the physical and social world. The downside of the story is that, in popular perception, business houses have no use for ethics and values in life. In fact, till the middle of the 20th century, the phrase “business ethics” was considered an oxymoron!
However, in recent times, there has been a lot of discussion on how Corporate Social Responsibility [CSR] may be redefined — its legal obligations, its social commitments, and its duty vis-à-vis ecological and environmental protection.
The question is whether the role of the business organisations is confined to creating wealth for their owners, or is it more inclusive, embracing the well-being of a wider spectrum of stakeholders. Doubtless, the 21st century demands a new business economics, which warrants CSR, both inside and outside the organisation. In other words, business corporations are obliged to subscribe in thought, word, and deed to the long-term sustainability of this planet.
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